American asset manager Valkyrie was another organization that applied to the SEC as the spot Bitcoin ETF discussions continued. The company knocked on the SEC door for the futures Ethereum fund, unlike the spot BTC fund, which was the focus of the agenda.
Instead of directly investing in ETH, the fund will buy other futures contracts, according to the asset manager’s text to the Securities and Exchange Commission. Valkyrie emphasized that altcoins such as Bitcoin and Ethereum belong to a new asset class:
“Spot Ethereum and ETH futures are representative of a new asset class. These products carry great risks and can be the scene of large price movements. The investment value of individuals and companies can instantly drop to zero.”
With this text submitted to the SEC, Valkyrie openly shared the purpose, operation and risks of the fund. The company is currently trading two different Bitcoin funds. The first fund invests strategically in indirect BTC products, while the other is associated with miners.
The giant asset manager has not yet received approval from his previous spot Bitcoin ETF application.
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